Jumia Nigeria marks six years of creating sustainable impact

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Nigeria’s #1 Online Shopping Mall – Jumia Nigeria is SIX!

Jumia’s six years anniversary celebration taking place throughout the month of July, aims at celebrating major milestones achieved over the period of its operations in Nigeria. These include, for instance, the listing of over 5 million unique products on the platform, supporting the growth of MSMEs (over 10,000 merchants active on the platform), and granting local customers access to new services in Nigeria.

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“Over the past six years, we have created a sustainable impact on the Nigerian economy, enabled access to new services on our platform, such as food ordering, hotel and flight booking, as well as finance solutions with Jumia Pay. We’re especially excited about these milestones; yet we’re challegened to do more and be more to our local vendors and customers,” said Juliet Anammah, Jumia Nigeria’s CEO.

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Jumia Nigeria’s CEO – Juliet Anammah

Reminiscing on the history of the company, Anammah noted that since inception in 2012 in Nigeria, “the company has now become Africa’s largest e-commerce platform selling goods and services to millions of customers. We have expanded from four to 14 countries, and our vendor network – from Lagos, Nigeria to Cairo, Egypt, and other African countries – has grown to 50,000 businesses offering their goods and services online.”

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“It is important that we give credit to our team of dedicated and hardworking staff. Our story today is incomplete without mentioning the real drivers of the business. So our anniversary this year is a celebration of the Jumia talents who have worked tirelessly over the years to grow the business into what it is today,” she added.

 

According to Boston Consulting Group research, just 0.5% of all retail on the continent takes place online compared with about 15% in China—home to Alibaba Group Holding Ltd. —and 5% in India. But companies like Jumia are changing the economic landscape for many African entrepreneurs.

 

As part of the celebrations, Jumia has also launched an anniversary campaign titled, “Salebrate With Us”. The goal of the campaign is to appreciate Jumia customers with over 1,000,000 exclusive deals, 500,000 free shopping vouchers, daily flash sales exclusive to Jumia app and free delivery on any item above N10,000 via Jumia Express in major cities (excluding large items). In addition, customers who make payments with Jumia’s secure payment platform ‘Jumia pay’ get 5% discount off their shopping during the anniversary. The Jumia anniversary sales commences on July 16th till July 29th.

 

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SIX REASONS TO SHOP ON JUMIA DURING JUMIA’S 6TH ANNIVERSARY.

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One could end up on a wild-goose chase when searching the internet for a one-stop shop that offers the best deals, convenience and peace of mind.

 

Fortuitously, Jumia is turning 6 and will mark this milestone with its Salebrate Campaign, from the 16th – 29th of July.

 

Here are 6 reasons why you should shop on Jumia during the Anniversary:

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  1. Over 1 million deals: Customers will be spoiled for choice – There will be TV deals like the Hisense 55 Inch Smart UHD 4K Satellite TV 55 N3000 + Free Wall Bracket, slashed to N173, 990. Washing machine deals like the Scanfrost 8kg Twin Tub Semi-Automatic Washing Machine slashed to N39, 990. Health and Beauty deals like the Milani Conceal + Perfect 2-In-1 Foundation + Concealer slashed to N3, 520.

 

  1. Over 500,000 vouchers: Get a discount before you shop on Jumia – Jumia will be giving out free vouchers to customers during Jumia’s 6th Anniversary to enable customers to get everything on their wishlist. Customers have to stay tuned to www.jumia.com.ng/anniversary to grab vouchers and also via the Jumia APP.

 

  1. 5 million products at the Last Price: Jumia launched its last price campaign with a money back guarantee 3 months – Find an item cheaper anywhere else, and Jumia will reimburse you 10 times the difference. During Jumia’s 6th Anniversary, look out for the Last Price tag on certain products, guaranteeing you the best price you will find anywhere.

 

  1. 5% off on JumiaPay: Who doesn’t like an additional awoof? Shop and pay with debit cards using the super secure payment solution ‘JumiaPay’ and receive an extra 5% off your total order amount. Simple!

 

  1. Daily flash sales: Get ready for daily flash sales exclusive to the Jumia app. Imagine buying the Samsung S9 Plus for only N229, 990 or the HP Notebook 15-ra007nia Intel Celeron N3060 1.6Ghz (4GB RAM 500GB HDD) 15.6-Inch Windows 10 Home Laptop for N79, 990. Also the Harpic Toilet Cleaner: Lavender 725ml – Pack Of 3 for N1, 885. These deals and many more will be live on the Jumia App 5 times a day (10am, 12noon, 2pm, 4pm and 8pm).

 

  1. Jumia Express: Enjoy super fast delivery when you shop Jumia Express. Customers get next day delivery in Lagos when you place a minimum order of N10,000 before 2 PM. Shop in Abeokuta, Abuja, Ibadan and Port Harcourt, and have your order delivered within 2-business day.

 

Twitter Thread: Shelve Conditional Cash Transfer, Focus on Education – @MsChimezie

Not that we are ignorant of it, but came to Nigeria few months ago, punctured the Government of Nigeria’s ( development plans and told us in clear terms: invest in youth. Invest in education. Invest in health.

Okay. Few months later, we became World Poverty Capital.

Now, there is a tranche of Abacha’s loot in the offing. You’d think that for once would marshal out development plans that’d solve our human capital problems in long term and improve the capacity of Nigerians to earn livelihood.

Iya! The proposed need identified for Abacha’s loot is Conditional Cash Transfer (CCT) to the poorest of the poor.

As in, access to N5k for each Nigerian below $1 would end the cyclic and systemic poverty prevalent here. No talk of development plans to curb literacy rate, education, health or youth development.

Below is a previous Conditional Cash Transfer exercise carried out by .

1. Zamfara State that harbours Nigeria’s highest poorest at 92% isn’t the highest beneficiary.

2. Borno that harbours highest rate of Internally Displaced Persons (IDPs) is not near among high beneficiaries.

3. Poverty ravaged North East did not get the highest beneficiary region. That stat 👆 indicates politicizing of the so-called CCT that would alleviate poorest status.

Now, should we go to impact analysis of the so-called CCT? Did these beneficiaries stopped being poor?

I once asked, what are the indicators to determine that a person is poorest of the poor?

How do you know CCT is truly solving the economic needs of these people? If CCT was re-designed to create economic opportunities for the poorest of poor instead of giving cash, would it have made more significant difference compared to the former?

The problem of giving fishes is that there is no skill learnt in the process. Not even resilient skill needed to survive in life. Nigeria’s National Statistical Agency and National Population Commission released estimated Nigerian population as of 2016.

Young people are not leading our population. Young people are our population. For once, let us think long term. Sharing money is not the solution. Poor folks don’t need once bread. They need sustainable bread that would get them out of poverty. Education is the key.

Like the University of Uyo political scientist featured on Friday morning show on noted on Nigeria’s poverty capital status: Access to economic opportunities, not access to fishes (money), would perform the miracle.

CREDITS: This thread was developed by Chimezie Anjama, a Communications and Policy Analyst. You can follow her on twitter via @MsChimezie. She shares her thoughts on development on http://www.nwulireads.blogspot.com

Are You A CEO? Here’s A Guide To Choosing A Board Of Directors

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South African Reserve Bank Board of Directors

Limited Liability Companies are basically owned by Shareholders who then appoint a Board of Directors to oversee the affairs of the Company. The Board of Directors’ key purpose is to ensure the Company’s prosperity and in achieving this they must deal with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics.

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Facebook’s Board of Directors

As a CEO, building the Board of Directors for your Company is very important as they will help shape the future of your company and mistakes in selection of the Board can be devastating.

This week we consider the responsibilities and criteria for selecting your Board of Directors.

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The newly elected Board of Directors of FEMNET, also called the African Women’s Development and Communication Network

DID YOU KNOW?

Directors may or may not be shareholders of the Company and it is worthy of mention that the Chairman and Managing Directors roles should not be confused as types of Directors but rather be seen as officers of the Board. In essence for a person to be appointed as either the Chairman or the Managing Director of the Company, the person must first and foremost be appointed as a Director.

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Total Nigeria’s Board of Directors

RESPONSIBILITIES OF DIRECTORS

Directors look after the affairs of the Company, and are in a position of trust. They might abuse their position in order to profit at the expense of their company and consequently the law imposes a number of duties, burdens and responsibilities upon Directors, to prevent them from abusing this freedom.

Section 279 of the Companies and Allied Matters Act provides for the duties of Directors. It provides inter alia:

  1. A Director of a Company stands in a fiduciary relationship towards the company and shall observe the utmost good faith towards the company in any transaction with the Company or on the Companies behalf. 
  2. A Director shall also act with utmost good faith and shall owe a fiduciary relationship when acting as agent of a particular shareholder or such shareholder is dealing with the company’s securities. 
  3. A Director shall act in the best interest of the Company so as to preserve its assets, further its business and promote the purposes for which such Company was formed. 
  4. The Director in performing his/her duties shall act to provide the interest of the company’s employees and the company’s members. 
  5. A Director must exercise his/her powers for the purpose to which it was specified. 
  6. A Director shall not fetter his discretion to vote in a particular way. 
  7. A Director who delegates his powers shall not delegate such power in such a way as to amount to an abdication of duty. 
  8. No provision shall relieve any director from the duty to act in accordance with this section or relieve him from any liability incurred as a result of any breach of the duties conferred on him. 
  9. All duties imposed on a Director by the act shall be enforceable against the Director by the company. 
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UBA Group’s Board of Directors

WHAT YOU SHOULD CONSIDER IN SELECTING YOUR BOARD OF DIRECTORS

  1. When selecting Board members, consider how they will function in the long term.
  2. Make the title and description of each Board member explicit from the beginning.
  3. Find people who understand the vision of the Company.
  4. Make sure that they understand that they are there to protect the company and not their own best interest.
  5. Go for those who are smart and brave enough to know when to agree or disagree during decision making process.
  6. Try to create a sense of diversity among the group in terms of ideas, experience, and skill set.
  7. Put in place a Service Agreement which details in clear terms the expectations of the Company from Directors
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The newly elected members of the Executive Board of Directors of the Nigeria Internet Registration Association (NIRA)

TAKEAWAY

One of the decisions CEO’s should make is whether a fiduciary Board of Directors is needed or whether an Advisory Board is better suited. A fiduciary Board of Directors has the responsibility to represent the interest of owners/ shareholders whilst Advisory Board members are selected for their specific industry experience and network. It could also be a mix of the two types.

 

CREDITS: This opinion is brought to you by the Iyiola Oyedepo & Company

info@ioclaw.com

Young African leaders arrive in the United States for 2018 Mandela Washington Fellowship

20 June, 2018 – 700 young Africans arrived the United States to participate in the fifth cohort of the summer-long 2018 Mandela Washington Fellowship program.

Fellows were warmly welcomed in Nebraska

These young people (ages 25 to 35) from sub-Saharan Africa are up-and-coming community leaders in their home countries, which is why they were selected by the U.S. Department of State’s Bureau of Educational and Cultural Affairs and its implementing partner, IREX, to participate in the highly competitive Young African Leaders Initiative.

25 Students were placed in Wagner College, New York

The YALI program — 6 weeks of study, service, fun and fellowship – empowers young African leaders through academic coursework, leadership training, mentoring, networking, professional opportunities and local community engagement. Since 2014, the U.S. Department of State has brought 3,000 young leaders from across sub-Saharan Africa to the United States to develop their leadership skills and foster connections and collaborations with U.S. professionals.

60 young Nigerians were selected for Cohort Five

The 2018 Mandela Washington Fellows will be hosted at 28 institutions focused on public management, business and entrepreneurship, and civic leadership across the United States this summer. They will meet at the end of their Institutes in Washington, D.C. for the fifth annual Mandela Washington Fellowship Summit, where they will take part in networking and panel discussions with each other and U.S. leaders from the public, private, and non-profit sectors.

After the Summit, 100 competitively-selected Fellows will join private, public, and nonprofit organizations across the country for a six-week Professional Development Experience, which are substantive, short-term placements that allow Fellows to contribute their skills and insights to American organizations. From 2014 to 2016, Fellows contributed nearly 80,000 work hours to 173 U.S. host organizations across the country.

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Nnadi Ebuka Emmanuel is placed at Rutgers University.

Nigeria’s fellows represent the largest cohort from any one country. Nnadi Ebuka Emmanuel is one of the 60 young Nigerians to make the fellowship. He said:

“I am very excited to be one of the young Nigerian leaders to be selected for the 2018 Mandela Washington Fellowship, a flagship program of the Young African Leaders Initiative (YALI) in the United States of America. This is indeed, a dream come true after three consecutive attempts. Now, I look forward to the opportunities and challenges this program would present. But one thing is certain, victory is assured; because I can do all things through Christ who strengthens me!”

Upon returning to their home countries, Fellows will continue to build the skills they have developed during their time in the United States through regional conferences, professional practicum experiences, and mentoring opportunities. Fellows may also apply for their American colleagues to travel to Africa to continue project-based collaboration through the Reciprocal Exchange.

The Mandela Washington Fellowship and the larger YALI program embody the U.S. government’s commitment to investing in the future of Africa.

 

 

 

 

 

 

NEGOTIATING FRANCHISE AGREEMENTS

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Buying a franchise offers advantages to entrepreneurs who are intimidated by starting a business from scratch and are unwilling to buy an existing business. In simple terms a franchise is the right granted by a business owner or inventor (franchisor) to another individual or company (franchisee) allowing the use of its trademark, name, processes, good will etc. in the delivery of a service or sales of goods.

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Whilst buying a franchise jump-starts your business by allowing you leverage on existing brand recognition, it is however important to pay attention to the contractual terms of the franchise agreement in order to avoid conflict or loss. This week we examine some of the basic terms a Franchisee should note when considering a franchise relationship:

A franchise agreement governs the relationship between the Franchisor and the Franchisee and typically documents not only the obligations, responsibilities and rights of the parties but also the licensing of intellectual property to the franchisee. In Nigeria, although there is no particular agency of government with the sole responsibility of managing franchises however the National office of Technology Acquisition and Promotion (NOTAP) has the mandate of registering technology transfer agreements which are typically a form of franchise business model.  Some of the important terms of a Franchise agreement include:

  1. Appointment – The agreement should clearly stipulate the appointment of the Franchisee and should also state the territory such an appointment would cover. The Appointment could be exclusive or non-exclusive
  2. Grant of License- The agreement should grant the Franchisee the right to use the trademark, copyrights, patents or industrial designs of the Franchisor. This right could also be exclusive or non-exclusive within the defined territory
  3. Duration and Renewal- The agreement should contain the duration of the license and terms of renewal. It is common for the Franchisor to include payment of a renewal fee as a condition precedent.
  4. Obligations of the Franchisor- This includes amongst other things the responsibility of providing trade secrets; operating manual; training for key employees; support system; specifications of office/factory plan, signs, fixtures and fittings etc. It is important to also note that the Franchisor is usually responsible for advertising the brand however the Franchisors might be required to pay some money to cover part of advertising costs.
  5. Obligations of the Franchisee- This typically includes payment of franchisee fees; compliance with operating manual; keeping of records which the Franchisor has rights to inspect; insurance; obtaining consent of franchisor before selling or sub-licensing the franchise; ensuring the availability of specified working capital; compliance with the structural and internal designs specified by the Franchisor; undertaking not to denigrate the goodwill of the brand; acceptance not sell/offer competing services or products etc.Image result for Buying a franchise

Due Diligence

Most Franchisors would typically assess the Franchisee before granting a license, in the same measure it is advisable for the Franchisee to also conduct checks on the Franchisor before executing the agreement. Some of the key things a Franchisee should look out for include:

  1. Profitability of the Franchise
  2. Goodwill and Public Acceptance
  3. Cash Requirements
  4. Monitoring and Support Systems
  5. Adaptability to local market

TAKE AWAY

Whilst the franchise model is a safe option for some entrepreneurs, it can also be tricky if parties are not on the same page which is why it is important to critically examine the contractual terms and conduct market research before commencing the franchise relationship.

CREDITS: This opinion is brought to you by the Iyiola Oyedepo & Company

info@ioclaw.com

“Our integrated and interconnected ecosystem across Africa, responsible for our growth”- Jumia CEO

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Lagos, Nigeria, 19 June 2018: The chief executive officer of Jumia Nigeria, Juliet Anammah has said the company’s integrated and interconnected ecosystem across its 23 markets in Africa has helped to build a solid foundation for the company in Nigeria and across Africa. She made the revelation while speaking with some foreign media delegates who came to Nigeria to tour the company’s expansive Lagos warehouse located in Ikeja.


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“We built one integrated, inter-connected ecosystem that captures most of the simple day to day needs that people could do on the same platform rather than multiple platforms. That really helps in scaling the business, building one brand across the continent and building the same experience for consumers across the continent. Rather than just focusing on shopping, we included the other things people would normally do: order food, book flights and hotels.”

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Anammah also mentioned that the deficiency of logistics infrastructure in the country should be seen as an opportunity, rather than a challenge. She stressed that the deficit allows for the aggregation of multiple third party logistics players in the market because there are many people who have some logistics capacity, but they have not operated in an eCommerce environment.


“Infrastructure deficit is a challenge and an opportunity for the aggregation of multiple third party logistics players in the market because you do have people who have some capacity, it’s just that they have not operated in an eCommerce environment. But we’re (Jumia) also creating a marketplace for them. We’re trying to aggregate them and create a marketplace where they can have assets like tricycles, and small vans which they can use to deliver in different parts of the country. Then, we also provide the technology for them to be able to deliver the haulage we give them.”


Jumia is building tomorrow’s African e-commerce infrastructure with online and mobile world-class marketplaces, providing affordable and convenient services to consumers and helping them fulfill their everyday needs. Jumia’s mission is to transform and improve people’s lives – thanks to technology.

Through its different platforms and services namely Jumia eCommerce, Jumia Travel, Jumia Food, Jumia House, Jumia Deals, Jumia Jobs, Jumia Pay, Jumia One and Jumia Services, the company is fostering the digital shift of the entire African economy. Jumia is supporting the growth of African companies and expanding their horizons. More than 60, 000 local African companies and individuals do business on Jumia.

 

Scramble For African Startups By Venture Capitalists: Yay or Nay?

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Like the scramble for Africa that saw European powers invading, occupying and colonizing African territories without their consent, venture capitalists seem to be re-enacting the same scenario today as they scramble for viable and scalable African startups to invest, acquire or fund.

Nearly, every month, Innovation-village reports that a venture capitalist with endless cash has invested millions of dollars in an African startup in some parts of Africa although they are more focused on Kenya, South Africa, Nigeria and Egypt. – Favourite destination

This year…2018

January

Nigerian Startup Rensource Energy, a distributed energy provider, raised $3.5 million USD in bridge financing to expand its power-as-a-service renewable energy business.

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March

Nigerian based data analytics firm, Terragon Group led by founder and CEO, Elo Umeh, received a $5million investment from African venture capital firm, TLcom Capital.

April

MFS Africa, a leading Pan-African FinTech company, secured a $4.5m Series B funding round led by LUN Partners Group, a China-based global investment management group.

TradeDepot has received $3-million in series A funding from Partech, an investment platform for tech and digital companies. It’s the global investment firm’s first commitment from its €100-million Africa fund launched earlier this year.

Kenya based startup, Africa’s Talking has raised a new $8.6 million funding led by IFC Venture Capital, with participation from Orange Digital Ventures and Social Capital.

Kenya’s mSurvey, the mobile-first consumer feedback platform for businesses and consumers in Africa, received $3.5m investment.

South African Edtech startup SkillUp Tutors secured an undisclosed Series A funding from Knife Capital

May

Piggybank.ng raised $1.1m in seed funding led by LeadPath Nigeria

May Lidya raised $6.9 million in a Series A investment round led by Omidyar Network. Nigerian Startup 

Thanks to technology, these solutions are being developed by either brilliant homegrown talents who have braved the unfriendly African environment to find solutions to African problems or by Africans groomed in foreign lands who are returning home to solve African problems.

Clearly, these solutions are attracting a huge interest from venture capitalists considering the millions of dollars raised so far. Of course, predictions

To give more insight, let’s look at how much venture capitalists and angel investors invested in African startups in 2017… 

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Partech Ventures’ latest annual funding report shows that venture capital funding in 2017 reached $560 million, recording 53% year on year growth. The scale of growth in funding is seen in the number of investment rounds participated in by startups: in 2017, 124 startups participated in 128 funding rounds compared to 77 rounds in 2016. Partech’s reports include startups that have a primary market in Africa whether or not they are headquartered or incorporated on the continent.  The Top 3 markets, South Africa, Kenya and Nigeria, absorbed 76% of the total funding, down from 81% in 2016.

 

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According to the report, Fintech continues to lead the way in Africa’s booming funding scene, Cleantech follows next

 

Some Venture Capitalists that have invested in African startups

*Knife Capital                                   *Village Capital

*LeadPath                                          *Ventures Platform

*500 Startups                                    *Omidyar Network

*Algebra Venture                             *Kalon Venture Partners

*Angel Investment Network       *TLcom Capital

*YCombinator                                  *EchoVC

*IFC Capital                                     *Partech Ventures

*Investment AB Kinnevik

The Scramble for African startups-Good or Bad?

Funding or capital is a major problem encountered by every startup in Africa and other parts of the world.

Indeed, only a handful of startups can scale or attain a level of growth without the much-needed funds. This is why when startups have products that can scale and have groomed it to a certain level, they will definitely be unable to resist the juicy carrot dangled at them by these venture capitalists. No thanks to the lack of support by the government and banks.

So, since, the venture capitalists have the funds and the startups need the funds, they have no choice than to parley with them and come to an agreement on the structure and vision of the startup considering the new funds.

As such, no one can categorically say that venture capital funds are not good. They have contributed millions of $ to the African economy, created jobs and accelerated expansion.

A very good example of this is Jumia, which pride itself as Africa’s Alibaba and is now worth $1 billion. It was founded by Tunde Kehinde and Raphael Afaedor in 2012. They had a $50 million wall chest from foreign VCs to build the startup. They later resigned from Jumia and today, Jumia is Africa’s number one eCommerce platform.

Five Questions An Entrepreneur Must Ask Before Accepting An Investment

  1. Why are you interested in investing in this company specifically?
  2. What do you know about the market that the company is operating in?
  3. Who do you know that could help this company?
  4. How will you help raise follow-on funding at the next round and or additional capital for the current round?
  5. What is your track record as an investor both in this space and overall?

The scramble for African startups by VCs will continue as long as viable and innovative solutions are being developed to solve Africa’s problems. The only admonition for startups is to be thorough and exhaustive before accepting any venture fund. You do not just accept money hook, line and sinker

 

Imu-Ahia: The apprenticeship system building wealth in Eastern Nigeria

Imu-Ahia: The apprenticeship system building wealth in Eastern Nigeria
Today, Imu Ahia has grown to become a cultural heirloom in the Eastern region of Nigeria.
It’s a Monday evening in Oke-aro, a small town just North-West of Lagos. John Onyebuchi, an electronics salesman, alternates between Igbo and Yoruba as he haggles with a couple over the price of a generator.

Besides a generator, the customers also want to purchase a washing machine. But Onyebuchi doesn’t have that in stock. He complains that it’s too expensive and the demand for it in the Oke-aro, Agbado region is low, so he doesn’t bother with it, but for the right amount, he’ll have it in his shop by the morning.

Onyebuchi, 28, opened up his shop on Oke-aro road five years ago. Before that, he was in Ikotun with a man he addressed as nwanne nna, Uncle, for eight years.

During that time, nwanne nna served as his “master”, and he learned business under him. Nwanne nna dealt in clothes and cloth materials, and for a short while, manufactured clothes. Onyebuchi was introduced by an extended family member.

Before their introduction, they had never met and hailed from two different villages in Anambra state. Then 15 years old, Onyebuchi’s only goal was to get a good Oga, move to Lagos, learn a trade and start his own business.

 

Imu Ahia, the Igbo Apprentice

In Eastern Nigeria, young men like Onyebuchi are called Imu-Ahia, referring to an Igbo apprenticeship system which gained prominence in the Eastern region after the Civil War of 1967.

By the end of the War in 1970, the region was so devastated that money and human capital were scarce. Thousands of people were unable to return to homes they previously owned in other parts of Nigeria. Not only was the hope of Biafra lost, but livelihoods were also halted. Petty trade became one of the few ways money could be made.

As terrible as the situation was, it was perhaps the infamous £20 policy, which further stifled the war-ravaged East that accelerated the need for an economic culture like Imu-Ahia. The policy, proposed by Obafemi Awolowo, ensured that Biafrans were not allowed access to their pre-war savings and were given a mere £20 each to survive on.

Today, Imu Ahia has grown to become a cultural heirloom in the Eastern region of Nigeria.

“Imu-Ahia started because Igbo people needed to take back their futures – futures that were already truncated by the war,” Jim Nwankebie, a retired civil servant, tells Stears Business. “When the war ended, people couldn’t go back to school or their homes outside Biafra. Petty trade was the only way to build back destroyed communities. Farming was another alternative, but it required time that was not readily available. In the absence of money in the Eastern region, that was the only way money could flow.”

The premise for Imu-Ahia was simple – business owners would take in younger boys, house them and have them work as apprentices in business while learning the ropes. After the allotted time for the training was reached, 5-8 years, a little graduation ceremony would be held for the Imu-Ahia’s. They would be paid a lump sum for their services over the years, and this money went to starting a business for the Imu-Ahia’s.

 

Remembering Home

However, a message that has been lost over time is lekọta nwanne gị nwoke  translated to “take care of your brother”. Nwankebie affirms that beyond being a business mentorship, Imu-Ahia existed to build Igbo wealth.

This sense of camaraderie is seen in Nnewi, an Anambra town built on trade. A Forbes Africa report showed that Nnewi has more naira billionaires per capita than anywhere else in the country. The success of Nnewi has seen the development of many more “Igbo trade” hubs in Nigeria. In Lagos, the Idumota market is home to Igbo traders with their Imu-Ahia’s

The repatriation system was built and still runs partly on Igbo fear. “If war breaks out today, I will not go back to my village and live in a hut. Igbo people probably own a lot of houses in Lagos, but first, there must be a house back at home in the East. I built my first house in 1994 in Orumba, Anambra state and I own two houses in Lagos,” Chief Richard Ezike, a spare parts dealer in the Oke-aro area, asserted.

There is almost always talk of secession from the East especially through the radio station, Radio Biafra. Added to that, the Nigerian economy is still at a low. “But there are bigger problems now. The economy is terrible, so a lot of people can’t afford to take in new boys.” he finished.

 

Trade First, School Second

“Imu-Ahia is important because, before the war, many parents believed in school, but even the school is not working out for anybody. We are taught to trade, to look for quality, we operate cooperative societies here in Idumota, and we are reminded to send money back home to have our house in the East,” Festus Nworah, an electronics salesman in Idumota, explains.

Even as Imu-Ahia grows and is now getting adopted by other tribes in Nigeria, there have been calls for Imu-Ahia to be a route to university credit. This is a sentiment shared by Stears Business journalist Aisha Salaudeen. “There might be arguments that these people have made lives for themselves without the need for University, but as the world changes, so do the dreams of people. An academic program will provide a young Igbo boy that has completed Imu-Ahia choices – the ability to go to the university or a polytechnic while crossing entrance hurdles will provide better quality and well-rounded people.”

For people like Onyebuchi, formal education will always be secondary to Imu Ahia. “This is what I feed myself with, and it’s from here I send money back home. When I start my family, my children will do Imu Ahia. If they want to go to school after, they are free,” Onyebuchi concludes.

 

CREDITS: This feature story is written by Adeshoka Oluwatosin for http://www.stearsng.com Follow this Journalist @Oluwatosin on Twitter.

 

Interview Wednesday: “Why you should invest in pig farming today”

Pork Money
Pig farming is one of the most profitable areas of livestock farming, but it is the least explored in Nigeria and Ghana.

With an annual Pork Consumption of approximately 3 Billion Dollars’ between these countries, more than 80% of the consumption comes from imports. With imported pork being the more expensive and least desirable option. The demand for locally produced pork is incredibly high. But really, why Pig farming ? Why not any other livestock ?

Pigs are the most resilient livestock for farming. They don’t die easily unlike poultry. They also have the highest feed to meat ratio with a piglet growing to 60kg in less than 8 months. They can also give birth to as much as 24 piglets in a year. Pigs are not picky eaters and Pork, Bacon, Ham, Sausages gotten from Pigs are delicious!

So why hasn’t this area being fully explored?
Oke-Aro pig farm located in Ogun state is the largest pig farm in West Africa, producing more than N5Billion in pig produce annually, and this is way below the mark of what is achievable in these farms. This is where PorkMoney comes in.

We have partnered with the Oke-Aro Pig farm to make sure that the full potential of Pig farming is achieved and the demand for locally produced pork is met. This is where you come in.

As a PorkMoney Partner your capital supports these farmers by sponsoring the expert veterinarians, farm managers and feeding needed for the healthy growth of the livestock. Allowing us to get the produce at a lower fixed price that benefits you, our partner.

But we don’t just stop there. The full grown pigs are then chopped, processed and packaged for sale to wholesalers and our distributors. After an 11 months contractual period our partners get a 20-35% return on the capital provided depending on how much capital was provided.

But what if the livestock dies?
Pigs are very resilient but we want all the protection we can get, so the livestock is insured by the Nigerian Agricultural Insurance Company (NAIC).

So whats in it for us?
We are in this to own an industry, the Pork Industry, localize its earnings and create jobs and entrepreneurial opportunities for many, like yourself.

So what is PorkMoney?
PorkMoney is a Pig Farming Platform located in Nigeria and Ghana that allows for individuals interested in the profitability of Pig farming but do not have the time or expertise to run a pig farm. Our expertise is in the breeding, feeding, and growing of healthy pigs to sell on behalf of our Partners.

Become a PorkMoney Partner today.

Call +2348173656192 | +2348173656194 or visit www.porkmoney.com for more information.